Results 1,561-1,580 of 6,295 for speaker:Michael D'Arcy

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: In the short period of time I have remaining, I wish to address the extreme weather event faced by the country. As Minister of State with responsibility for insurance, I ask people to be prudent in their actions should the forecast snow arrive. People pay for insurance to protect their properties, goods, etc. but they should not take undue risks. I know of people in certain professions who...

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: I did not hear the Deputy's last point.

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: Deputy McGrath is wrong.

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: I thank everybody who participated in the debate. I accept everybody's bona fides that we are here to try to do what we can to improve the insurance sector for those who require insurance at every level, whether it be car insurance, employer's insurance or any other version of insurance. We must, however, accept a couple of things. First, there is no silver bullet here. We have had...

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: That is one thing that we cannot get away from in this House with regard to insurance. One cannot have low premiums and high awards and one cannot get away from that. We have a high-awards system. The book of quantum that was discussed-----

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: -----is not the amount we would like it to be. The book of quantum is the assessment of what the awards were for the last three years. We ask and encourage the Judiciary to have cognisance of the book of quantum. Its members do not on some occasions and if that happens, it creates uncertainty for insurers and they have to underwrite by larger amounts. If an outlying case is awarded by a...

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: The Deputy will do whatever he wants anyway.

Motor Insurance: Motion [Private Members] (27 Feb 2018)

Michael D'Arcy: It is not.

Project Ireland 2040: Statements (Resumed) (22 Feb 2018)

Michael D'Arcy: It is good to be here welcoming a good plan. One must look at where we started from, that is, areas, in particular, the north west, that effectively were left behind. I refer to the connectivity that we are talking about in terms of roads, the N14 Lifford to Letterkenny, the A5 and the roads that Deputy Ó Caoláin spoke about. It is the first time that the north west has been...

Project Ireland 2040: Statements (Resumed) (22 Feb 2018)

Michael D'Arcy: That was two seconds over.

Seanad: Commencement Matters: Financial Services Regulation (22 Feb 2018)

Michael D'Arcy: I thank the Senator for raising this issue. A secure and well-regulated financial sector is essential to the functioning of the economy and ensuring that consumers have confidence in the safety of the system and its ability to meet their needs. At the outset, it should be noted that Irish retail banks do not generally engage in significant volumes of high risk commercial activity, so...

Seanad: Commencement Matters: Financial Services Regulation (22 Feb 2018)

Michael D'Arcy: In November 2016, the Commission proposed a new package of banking reforms.They aimed to update and amend the capital requirement files and the Bank Recovery and Resolution Directive. The package is known as risk reduction measures. Negotiations are under way at Council with officials from the Department of Finance, assisted by colleagues from the Central Bank of Ireland attending the...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: Addressing high non-performing loan, NPL, ratios is one of the key priorities of the European regulator, the SSM. While great progress has been made in the Irish banks, the SSM has made it clear that further reductions need to be made. NPLs at the banks in which the State has invested have reduced by 60%, from €54 billion at their peak, to an estimated level of €22 billion-----

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: It is the Single Supervisory Mechanism. It is a part of the ECB and regulates the primary banks in the European regulatory structure. NPLs are non-performing loans.

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: Addressing high non-performing loan, NPL, ratios is one of the key priorities of the European regulator, the Single Supervisory Mechanism, SSM. While great progress has been made at the Irish banks, the SSM has made it clear that further reductions need to be made. NPLs at the banks in which the State has invested have reduced by 60%, from €54 billion at their peak, to an estimated...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: The Minister will also convey to the bank the importance of removing those customers from the sale portfolio who may be suitable for mortgage-to-rent, and those who have potential to agree on sustainable restructuring in the coming months. The recent announcement that the bank, in partnership with the Irish Mortgage Holders Organisation and iCare Housing, has launched a mortgage-to-rent...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: To be fair to the Minister, he has just spent three and half hours attending a meeting of the Oireachtas Select Committee on Finance, Public Expenditure and Reform, and Taoiseach. He probably would have been here only for the committee met earlier today.

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: I will try to go through the questions as best I can. I do not know if representatives of Permanent TSB will appear before the committee. If the Senator's information is that they will appear, I am pleased with that. The Minister, Deputy Donohoe, was asked his view this morning about whether they should attend or not.He said they should attend and should give as much information as members...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: It is a matter for the committee but the Minister for Finance, Deputy Donohoe, said they should show up and answer questions from committee members. I will give Senators the information which I know to be correct. There are 11,300 private dwelling homes in the ownership of vulture funds, down from 12,500 in the past 12 months and representing about 1.5% of the overall market, there being...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: I will write to the Central Bank to try to find out if that is the case. It should not be the case and credit servicing firms should be regulated in exactly the same way as every other institution which is in possession of a loan book. I have touched on the independence of the regulator, the ECB and the SSM. It is a matter for the PTSB to give the finance committee as much detail as it...